RETIREMENT
AWP Safety is proud to partner with Principal to help you prepare for life after your career. Whether you’re a new investor or have been saving for years, it’s always a good time to think about saving for retirement.
AWP Safety Contributes to Your 401(k)
Don’t miss out on AWP Safety’s 401(k) match. If you are eligible* for the match and not contributing at least 6% to our 401(k), you are leaving free money on the table. AWP will fund an employer match directly into your 401(k) of 25% on the first 6% of your contribution. For example:
| If You Contribute 6% Per Paycheck | |
|---|---|
| Your Contribution Is | $60 |
| The AWP Safety Contribution (match) | $15 |
| For a Total Contribution of | $75 |
You are always 100% vested in the funds you contribute which means you always own those funds. For the company match contributions, you are 50% vested after one year and 100% vested after two years.
How to Create Your Principal Account
- Online at principal.com/welcome
- Over the phone via TeleTouch®
- Call 800.547.7754
- Text ENROLL to 78259**
- Download the Principal® app
Joining the 401(k) Plan
We are excited to share with you that no action is needed on your part to start your retirement savings. On the first day of the month following 90 days of employment, you will be enrolled in a 3% contribution automatically. However, you are not limited to this contribution type or amount. You may opt out of auto-enrollment or make changes to your contributions at any time.
Do you need to make changes and/or opt out of your 401(k) investment options or deferrals? Follow this link.
Are Roth or Regular Contributions Right for You?
The difference between Roth contributions and regular contributions has a lot to do with when you pay taxes. Figuring out when it is best for you to pay taxes – now or later – can be tricky but could make a difference for you in retirement.
Regular Contributions to Your AWP Safety 401(k)
- You don’t pay taxes now on the money you contribute.
- You do pay taxes on the money later when you withdraw it from your 401(k).
- May be a good option if you think your tax rate will go down in retirement.
Roth Contributions to Your AWP Safety 401(k)
- You do pay income tax now on the money you contribute.
- You don’t pay taxes on the money later when you withdraw it from your 401(k), if you’re at least 59 ½ years old and the money has been in the account for at least five years.
- May be a good option if you think your tax rate will be higher in retirement.
* All U.S. non-union team members across the AWP Safety family of brands are eligible.
** Message and data rates may apply. Message frequency will vary based on your use. Text HELP for help. Text STOP to cancel.
